Raleigh-Durham2018-09-26T12:42:45+00:00
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Raleigh-Durham-Chapel Hill

Raleigh-Durham has experienced amazing volume growth but is expected to catch its breath the next two years.

The region has seen tremendous growth over the last four years, averaging 5.9% annually, led by the commercial sector. The education sector is expected to be the strongest sector the next two years, with an average growth rate of 5.7%. Healthcare is forecasted to grow at 1.8% annually for the next two years, while manufacturing is the only additional sector forecasted grow over the same period (+0.8%). Although the market is forecasted to contract, market conditions remain constrained as contractors are selectively bidding projects. The region has added 6,700 workers the last 12 months (+15%); however, labor remains in short supply, as 76% of surveyed general contractors are having difficulty hiring craft hourly workers according to AGC. Unemployment in June 2018 was very low at 3.7%, as there appears to be shortages of carpenters and concrete workers. This shortage should subside as volume pressure subsides over the next three years. Top projects include Duke Energy’s Ash Pit Mitigation ($5.0B), Apple2-Second Headquarters ($5.0B), and the Durham-Orange Light Rail Transit ($2.5B).

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